Benchmark Mutual Fund has filed an offer document with Securities and Exchange Board of India (SEBI) to launch Hang Seng Benchmark Exchange Traded Scheme (Hang Seng BeES), an open-ended, exchange listed, index scheme tracking Hang Seng Index. The new fund offer (NFO) price for the scheme is Rs 10 per unit.
The investment objective of the scheme is to provide returns that, before expenses, closely correspond to the total returns of securities as represented by Hang Seng Index of Hang Seng Data Services Limited, by investing in the securities in the same proportion as in the Index.
The scheme offers only growth option.
The scheme will invest 90-100% in securities constituting Hang Seng Index and 0-10% in money market instruments, g-secs, bonds, debentures and cash at call. The exposure to the derivatives would be undertaken, when no equity shares of the constituents of the Index are available or equity shares are insufficient to take exposure in the constituents of the Index and would be restricted to 10% of the net assets of the scheme. The scheme shall also invest in derivatives traded on overseas exchanges only for hedging and portfolio balancing. The scheme shall invest in units of mutual fund scheme / overseas exchange traded funds based on Hang Seng Index upto 10% of the net assets of the Scheme. The margin paid for the derivative instruments will form part of the “Money Market Instruments, G-Secs, Bonds, Debentures, Debt instruments and cash at call” as mentioned in the asset allocation pattern.
The scheme will charge neither entry nor exit load.
Investors can invest under the scheme with a minimum investment amount of Rs. 10,000 (Rupees Ten Thousand only) and in multiples of Re.1 thereafter.
The scheme seeks to collect a minimum target amount of Rs. 1 crore during the NFO period.
The scheme's performance will be benchmarked against Hang Seng Index.
Vishal Jain will be the fund managers for Hang Seng Benchmark Exchange Traded Scheme
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